A.M. Executive Briefing - Jan. 4
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Fed Rate Cut Helps Drop Crude Oil Price
A half-point interest rate cut by the U.S. Federal Reserve Board Wednesday helped drive down crude oil prices in early Thursday morning trading, Bloomberg reported.In London, prices slipped 15 cents to $24.88 per barrel. New York's crude oil price plunged 20 cents to $27.80 per barrel.
The Fed's policy rarely influences oil prices, the article said quoting an industry analyst. But yesterday's move was a reaction to the sudden rate cut by the Fed, who had refused to change interest rates during the last few weeks. Transport Topics
Forward Air Buys Assets of Expedited Delivery Services
Forward Air Corp. (FWRD) said late Wednesday that it has agreed to buy the air cargo assets of Expedited Delivery Services Inc., a truckload and less-than-truckload carrier specializing in ground transport for air cargo. Forward Air, a contractor for the air cargo industry, said the acquisition would help the company expand into the U.S Southeast, where Expedited has its strongest market presence.
Forward Air is based in Greeneville, Tenn. and serves the U.S. and Canadian markets. Expedited is a wholly owned subsidiary of Bellevue, Wash.-based WorldPoint Logistics Inc. Transport Topics
Calif. Wildfires Close Section of I-8
Wildfires in Southern California shut down 12-miles of the Interstate 8, just east of San Diego Wednesday, the Associated Press reported. The closing delayed traffic for 11 hours.The fire started earlier this week and continue to rage parts of Southern California. Winds of 65 miles-per-hour and lack of moisture from drought conditions have caused the fire to spread. Transport Topics
Global Stock Markets Rise Slightly on Rate Cut
After the U.S. Federal Reserve cut interest rates late Wednesday, stocks in Asia and Europe - which had better truck sales than North America last year - made slight gains, the Associated Press reported.In Europe, blue chip stocks went up 2.3%, although shares in Frankfurt dipped lower when the market closed. In Tokyo, the Nikkei Stock Average rose 1.4% after the U.S. Fed announcement, but dropped back to close down 0.7%.
By comparison, the Dow Jones Industrial average rose 299.60 points, or 2.81%, to close at 10,945.75. The Nasdaq Composite Index soared 324.83 points, or 14.17%, to end at 2,616.69.
According to analysts, the international reaction to the U.S. rate cut indicates a general weakening of the global economy, the article noted. Transport Topics
Headlines From Yesterday's P.M. Briefing
- Construction Spending Fell Slightly in November
- Steel Production Down From Last Year
- FedEx Opens New Truck Dispatch Center in Reno, Nev.
- U.S. Transportation Dept. Proposes New Head Restraints Standards
- PNV Cuts 227 Jobs
- Ford, GM Sales Down in December
- December Retail Sales Edged Up
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